Poda Announces Proposed Name Change and Proposed New Corporate Structure
VANCOUVER, BC, Sept. 15, 2021 /PRNewswire/ -- PODA LIFESTYLE AND WELLNESS LTD. ("Poda" or the "Company") (CSE: PODA, FSE: 99L, OTC: PODAF) is pleased to announce that its Board of Directors has approved a change of the Company's name from "Poda Lifestyle & Wellness Ltd." to "Poda Holdings, Inc." to better reflect the Company's current and future business interests. The proposed name change remains subject to the approval of the Canadian Securities Exchange ("CSE").
There is no consolidation of the Company's share capital in connection with the planned name change. The proposed name change will not affect the Company's share structure or the rights of the Company's shareholders. No action is required from shareholders in connection with the proposed name change.
In addition to the intended name change, the Company is also pleased to announce plans for a new corporate structure, whereby the Company will create six strategic subsidiaries, each focused on specific growth areas of the Company. The proposed names for the six subsidiaries are as follows: Poda (Tobacco), Inc., Poda (Alternatives), Inc., Poda (Therapeutics), Inc., Poda (THC), Inc., Poda (CBD), Inc., and Poda (Research and Development), Inc..
Poda's CEO, Ryan Selby, commented, "This proposed name change is consistent with our business objectives and our long-term strategy. Our valuable intellectual property has applicability across a wide-ranging scope of applications, and I believe the name Poda Holdings, Inc. more accurately serves the over-arching vision the Board has for the Company. In addition to the name shift, creating the six new subsidiaries will provide strategic focus and strong growth opportunities in each of the target opportunities. I look forward to sharing more information about our customized strategies for each subsidiary over the coming weeks."
On Behalf of the Board,Ryan SelbyCEO, Director, and Chairman of the Board
Poda Lifestyle and Wellness Ltd.Toll-free North America: +1-833-TRY-PODA (879-7632)Outside North America: +1-406-TRY-PODA (879-7632)[email protected]
ABOUT PODA LIFESTYLE
Poda Lifestyle is actively engaged in the global commercialization of heat-not-burn ("HNB") smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HNB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HNB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda Lifestyle's HNB system is fully patented in Canada and is patent pending in over 60 additional countries, covering almost 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design eliminates all cleaning requirements and provides a truly ashless HNB cigarette. Poda Lifestyle's fully patented system is one of a kind and solves the major pain-point that ALL other HNB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn™ Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although Poda Lifestyle believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda Lifestyle can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda Lifestyle undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda Lifestyle, its securities, or financial or operating results (as applicable). Poda Lifestyle disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.